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story the senate will vote on a $64 billion aid package for superstorm sandy on monday but the cbo says, nine approximately, just nine billion of that spending will be spent overthe next year. to top it off, a ton of the cash is earmarked for long-term infrastructure spending. wi the fiscal cliff looming, the nation's finances already stretched thin, do we really need another pork-laced spending bill? here with more is steve ellis, vice president of taxpayers for common sense. appreciate you being with us in new york city tonight. for instance some of the spending in this pork-ladened bill would provide one millio dollars for trees in cemeteries. $4 million for sand dunes at kennedy space center. not beaches up here where they need dunes. $2 million for a new roof at the smithsoni is this bill really a relief bill or pork bill for mem, about of the congress? >> what you find, adam, basically they have caps on overall spending when. they do the emergency supply meant metals all of sudden the caps are irrelevant. all of sudden it is free cash. it is free-for-all for lawmakers trying to ge
there. >>> alaskan fisheries weren't hit by superstorm sandy, i don't think so. there is still more than $100 million, earmarks for them and other affected states in the relief bill. i venture to say the people of staten island, they might be able to put that money to better use. we're going to break down all the wasteful spending baked into the bill for you. do you ever have too much money or too much bret baier? no. melissa: onto the middle east. war-ravaged syria is sounding an alarm over growing food shortages. bread is essential to the diet. 70% of their bread needs are not being met. president as said is assad deliberately targeting the food chain targeting delivery vans, sending up food prices. we have the former ambassador to nato robert hunter. welcome to the show, ambassador hunter. we appreciate your time here. >> good to be with you. melissa: i thought a lot of facts were disturbing and shocking not more so than anything else going on in syria. land is not being farmed because of shell fire. there is lack of fertilizer. tanks have deliberately destroyed the irrigation canals
on a $60 billion package for hurricane sandy aid but guess where a big chunk is going? long term infrastructure projects. is this going to the people and businesses who desperately need it? >>> plus black box recorders may soon be mandatory in all new cars. a dream for safety regulators and insurance companies but will it leave drivers privacy totalled? we'll explain. >>> party infighting over the fiscal cliff intensifies. one gop congressman is completely breaking rank claiming there is conservative case for raising taxes. he will join us to make his case. because even when they say it's not, it is always about money adam: good afternoon to you. let's take a look at the day's market headlines. an unexpectedly strong rise in november industrial production failed to boost stocks. concern over the fiscal cliff continued to linger. the dow sank 35 points to end the week. shares of apple got a one-two punch today. iphone 58 debuted in china but to tepid demand. ubs also lowered its price target on apple's stock to 700 bucks down from 780 bucks. >>> what goes up must come down. best b
that say text red cross. is it effecve should we use that four hurricane sandy? >> the red cross has a unique role with disaster recovery, they have to do with. they are chartered by congress. they have to show up. in most situations they are the first responders. but for those to step back to say a lot of people will help the red cross but what can i do? maybe in the second week when you see the pattern of what people really need. to fix up their houses or we need more meals for the elderly who could not get downstairs sometimes it uld be thoughtful to wait. john: bill o'reilly always tries to get me to do was story. >> do was story of the scam charities. there are some but not many. some are less efficient but most do good things. >> there's a lot of discussion of trying to change the tax code to limit charitable conjured -- contributions. do you agree on that especially the man from the ayn rand institute. [laughter] >> no. i believe to the extent we have a tax cut it should be as simple as possible with no attempt to dictate what they think is the good use of the money. social po
has muddy and sandy bottoms and channel with sustained low water has been drug out by the current. we have a fixed bottom in this area occupied by rock pinnacles. this will prove to be impasseable by any boats and barges. it will effectively close the river in this area. melissa: is there anything anyone can do or is it up just to a raindance and praying for the wetory change? >> well rain would certainly help. what we've asked for is a formal declaration of an emergency by the president and by team -- fema that would expedite the process to blast some of the rock pinnacles out with dine mitt that would make the area passable. we're facing a lower water situation coupled by the water flowing out of the missouri river which is a huge, huge tributary to the upper mississippi area, is now being reduced even further. so you have a drought situation. also coupled by the fact that flows being reduced out of missouri with a fixed bottom sticking point south of where the flows end up in mississippi. melissa: it is so dangerous to depend on the federal government for anything. we have learned
of superstorm sandy. why not. >>> starting off tonight, taxes are the talk of the town and have been for daze. seems like much of the conversation isocused on the wealy to get them to pay more. a new study by the tax foundationlips the argument over who really is paying their fair share on its head. the numbers show tax rate paid by individuals in income top 1%, was 23%. all filers in bottom 50%. paid 2%. that is 10 times more. joining me scott hodge. from tax foundation. we have also the founder. sqm management. thanks for joining us. scott, i want to start with you since the numbers are manying from your foundation. what is the average takes rate for our viewers and why did you decide to isolate this metric? >> this is brand new data out of the irs for 2010. the average for all americans is somewhere around 10 or 11%ut for the wealthiest americans, those in the top 1%, those earning over say $370,000 a year, they're paying over 23% of their income in federal income taxes. as you mentioned, the poorest 50% of americans they pay an average 2% of the their income in taxes. but after all that d
spending pulse saying it actually not the fiscal cliff, it was superstorm sandy. >> right. adam: at the end. day are consumers pulling back? doesn't matter if it was the storm or fear they're pulling back, right. >> that was a real good point you made. mastercard said this these numbers were becoming a concern for the consumer back in october. the national retail federation had projected holiday sales would go up about 4.1%. adam: yep. >> that is some growth but it is nowhere near the 5.6% we saw lt year. there is a little bit of a slowdown. also we have to look at the consumer sentiment numbers. it is coming in at the month of december around 72 points. that is 10 points less than at its high in july. so we're definitely seeing that consumer slowdown happen even way before the fourth quarter. adam: you're with therf. you're with the national retail federation, are you not. >> no. i'm an independent analyst. adam: excuse me. a lot of people like the nrf but what are the repercussions whether for the nrf or anybody? nrf, they're sticking to it. they're not revising their predictions. shopper
have to put that in perspective the sandy supplemental bill started out $60 billion. one storm could wipe out all the savings or. adam: that sandy supplemental bill is 60 billion, 45 billion according to taxpayers for common sense is stimulus spending that doesn't involve the hurricane. dan, i will come back to you after we listen to sound bite from harry reid, senate majority leader commenting on the negotiations today. here is what he said. >> okay. we had a long meeting in the white house. it was very constructive. we hope that it will be bear fruit but that is what we hope ad lot. i think that the next 2 hours will be very instructive what we're able to accomplish. >> was there progress? discussion of a concrete proposal? >> we talked about a lot of things. there is no concrete proposal at this time. we have a number of different directions we'll try to take and we're going to see what can be worked out. >> will you work on a piece of legislation? >> pardon me? >> is it a good sign or bad sign you guys are not talking much after this meeting?. >> i hooe everything is a good sign.
season. we had sandy and the school shooting. it has kind of been a joy lift shopping season. now, this looming fiscal cliff a week away. they need to pull out the big guns and do everything they poibly can to lure shoppers into their stores. we are seeing prices slashed 50%. here at the galleria, they may have seen record number of shoppers. shopper track which takes a look at traffic, they have actually changed their forecast from 3.3 down to 2.5%. we will have to wait and see if this had an effect at all on their bottom line. melissa: it will be interesting to see how the bottom numbers comment. i would not want to go to a mall today. thanks a lot, lauren. there is still time to go to amazon and buy my book. i will shamelessly plug my book right here. go online. it is not too late. amazon and barnes & noble, they both have it. okay. that was shameless. i want santa to come save our economy. early reports are disappointing. can santa help us out for back joining us and a economist from the university of maryland. what you think of the holiday shopping season so far? >> we came i
on the one or 2%. that is all his focus. he is going around the country, hurricane sandy, rebuilding needs to be done. he is not paying attention to that and certainly not paying attention to jobs creation. instead he is on this vendetta. melissa: ian, at the same time you see companies out there, they're doing what they need to do. we saw ibm for example saying that when it comes to their 401(kk instead of contributing every other pay period the way they have before they will wait until the very end of the year and do their matching then. almost an accounting trick. not really a trick. a way to do it differently they save a lot of money. they hang onto theoney for entire year and earn interest on it. god forbid youeave the company and never see the money. for workers you don't earn on money all year long. not in your 401(k) growing. these are the kinds of things we'll see companies doing to adapt to this new normal. >> if ibm gets away with it i'm sure they will. they are a benchmark. if they successfully push it through, the company that didn't fail, didn't have a crisis during the crash
here on fox business. david: of course a lot will have to do what happened with hurricane sandy but very important nonetheless. liz: "money" with melissa is next. melissa: i'm melissa francis. here is what's "money" tonight. does exxonmobil hate your children? a controversial new ad claims the oil giant is ruining kid's futures. you have to believe it to see it. the man behind it will join us in a fox business exclusive. >>> plus "money"'s executive roundtable get the real pulse of businesses. speaking out against president obama hurt their bottom line? will higher taxes be as bad for businesses as some say? all that and everything in between from three top leaders. >>> yikes for yelp users. one woman post as scathing review of a business. now the owner is suing her for $750,000. does he have a case? he is here to make it. even when they say it's not it is always about money. melissa: first let's take a look at the day's market headlines of the congress doesn't open its mouth and stocks go up. are we listening politicians? better than expected jobless claims data and rebound in
by hurricane sandy. liz: number one thing to watch tomorrow, initial jobless claims. economists expect no change from last week's figure of 370,000. have a great evening. melissa is next. david: see ya. melissa: i'm melissa francis and here's what's "money" tonight. natural gas explosion sets off an inferno in west virginia. would natural gas use booming across the u.s., is the risk for more accident spiking right along with it? we'll get answers. >>> plus north korea gives the world the finger, successfully launching a long-range missile for the very first time. iranian officials were reportedly there to witness it. so is north korea ready to sell technology to our most dangerous enemy? >> newark mayor cory booker completes a week on food stamps wanting to know what it is like to live on $1.40 a meal. food stamp use is rising faster than job growth, did you know that? isn't that the problem that needs solving? charles payne is explains how booker misses the point entirely. even when its not it is always about money melissa: first, let's take a look at the day's market headlines the fe
different than others. for example we had superstorm sandy that caused a disruption here in the northeast. for a while that propped up prices. that's gone. i worry if prices are declining is it because the economy is slowing? >> no, not necessarily. that certainly could be a factor. think back to 2008 when gas prices actually did crash and went under $2 a gallon. that would be a concerning sign if gas prices fell off a cliff like we're doing here with the economy if nothing is figured out. this is not a gas price crash. this is something normal this time of year. gas prices haven't declined so significantly. we're still talking about prices well into the $3 a gallon range across much of country. in fact still we could be looking new all-time record high for christmas for the nationnl average. melissa: really? >> something off everybody's radar. we're talking about gas prices going down but we still have room to fall. today prices are still four cents higher than last year. we could talk about a national average that has never been higher on christmas. melissa: what do you expect to see be
been a gloomy holiday shopping season you know. superstorm sandy which disrupted things along the east coast. we had the school shooting earlier this month. it has been a joyless shopping season. now this looming fiscal cliff a week away while consumer confidence is at its lowest level since july. retailers need to pull out the big guns to do everything they possibly can to lure shoppers into stores even now before last few hours of christmas eve. we're seeing prices slashed. 50% signs off everywhere. here at the galleria they may have seen a record number of shoppers but shoppertrak which takes a look at traffic over the holiday season, they have actually changed their forecast from 3.3 now down to 2.5. so we'll have to wait and see if this last minute weekend shopping has an effect at all on their bottom line. melissa: it will be interesting to see how final numbers come in although it looks very busy there i would not want to go to a mall today but i'm apparently alone in that. thanks very much, lauren. for anyone who has not gotten a perfect gift for someone on the list there is st
Search Results 0 to 20 of about 21 (some duplicates have been removed)